ANCHORHOPE
Level 1
02-18-2021
06:56 PM
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Regarding a 1031 deferred exchange, if the replacement property is less value than the relinquished property. The difference in FMV is recognized capital gain but what about the selling expense, does it reduce the recognized gain or the realized gain. Please advise?
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sjrcpa
Level 15
02-18-2021
07:14 PM
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Both I think. What does the software do?
Ex-AllStar
George4Tacks
Level 15
02-18-2021
07:14 PM
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There are a number of 1031 worksheets out there, work through one before attempting to file the return. Here is one https://www.1031.us/gainscalculation/
Here's wishing you many Happy Returns
abctax55
Level 15
02-18-2021
07:41 PM
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And don't forget that wonderful "swiss army knife" for tax pros:
TaxTools software by CFS.
They have a 1031 exchange module that's good (like the rest of their stuff).
"*******Tax software is no substitute for a professional tax preparer*******
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ANCHORHOPE
Level 1
02-18-2021
08:52 PM
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Thank you for the link you sent me. Very useful and very informative.
